Term
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Definition
| A financial statement that presents the financial position of the company on a particular date. |
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Term
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Definition
| A financial statement that reports the company's revenues and expenses over an interval of time. |
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Term
| Statement of Stockholder's Equity |
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Definition
| A financial statement that summarizes the changes in stockholder's equity over an interval of tim.e |
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Term
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Definition
| A financial statement that measures activities involving cash receipts and cash payments over an interval of time. |
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Term
| Revenue Recognition Principle |
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Definition
| Record revenue in the period in which it's earned. --> when a cruise ship sails |
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Term
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Definition
| Recognize expenses in the same period as the revenues they help to generate |
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Term
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Definition
| An increase in accounts on the lefts side of the accounting equation - assets. |
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Term
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Definition
| An increase in liabilities and stockholder's equity. |
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Term
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Definition
| Record revenues when earned and expenses with related revenues. |
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